How Visa Is Backing Francophone Fintech Growth

In Brief

• Francophone fintech growth is accelerating as Visa invests in youth-driven, mobile-first financial solutions across 17 West African nations.

• Visa’s approach centers on co-creation with local fintech startups to address real needs in informal economies where traditional finance falls short.

• With over 60% of West Africa’s population under 25, digital-first payment ecosystems are becoming the new normal across Côte d’Ivoire, Senegal, and Benin.

Since the dawn of Web3, Anglophone giants Nigeria, Kenya and South Africa have continued to dominate the vibrant and lucrative ecosystems.

From digital assets to mobile money to venture capital, at least one, if not all, always appears as a leading entity.

Loïc Aplogan, Visa’s Business Development Leader for Francophone Africa.[Photo: TechCabal]

Francophone Fintech Growth Speaks of Shifting Narrative.

“Contrary to some assumptions, the region is not lagging; It’s just a matter of scale,” Aplogan stated during the recent Cyber Africa Forum in Benin.

While Nigeria boasts sheer numbers, Kenya with its ingenuity, and South Africa with its pro-crypto trend, other cities like Dakar (Senegal), Cotonou (Benin), and Abidjan (Côte d’Ivoire) are cultivating a new approach to fintech.

The rapid adoption rate and FOMO blockchain have finally gripped the young population of these regions, creating a new generation of youths yearning and building change.

The lack of recognition quickly changed with Visa focusing on growing Africa’s fintech innovation beyond the top three players.

As part of the Visa investment strategy to deploy at least $1 billion across Africa, Aplogan received the honours for spearheading various adoption initiatives across 17 Francophone nations.

The key focus is to embed Visa within its vast and growing informal economy, building crucial trust in mobile-first payment solutions.

The initiative also aims to collaborate with local fintech pioneers, fostering new youth-driven payment apps tailored to the needs of their natives.

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This direct collaboration showcases how, despite having a redefined solution, Visa cannot truly understand the issues many natives have.

Partnering with local fintech adds a layer of innovation within the solution, especially since, ultimately, we are the ones who know what problems we have.

The Mobile-First Imperative: Beyond Basic Wallets

One of the key bedrocks of the francophone fintech growth is the exceptionally high mobile phone penetration.

This, accompanied by the growing use of cryptocurrency and digital wallet adoption within upcoming regions like Côte d’Ivoire, Senegal, and Benin, has slowly but gradually grown.

In a previous article, we highlighted how stablecoins are increasing alternative hedging against inflations, offering lower costs and a better payment medium.

Francophone has contributed to the growth of its youth, creating a new digital literate generation.

Aplogam observed;

“Mobile penetration is high. The youth are digital-first. USSD is giving way to app-based ecosystems. We’re building for that transition.

These regions have moved from understanding and using the products directly to creating new versions of mobile payments in Africa, tackling local issues.

Providing credit, insurance, savings tools, and a seamless way to manage the region’s fragmented financial ecosystems is the current trend with these upcoming mobile-first payment solutions.

Visa’s Investment Strategy: Following the User

“Follow the User,” as per Aplogan, is the primary strategy behind the Visa investment strategy.

Consumers across Francophone Africa majorly depend on its informal sector.

Thus, mobility is a must-have aspect for survival. As a result, digital payments are not a luxury but a viable financial access point in a region where traditional card infrastructure remains sparse.

A trader or a transporter in Dakar doesn’t care if an app has access to Bitcoin. To them, what matters is they can send money back home to pay for food, school and other utilities.

In Africa, there is a major shift from USSD menus to smartphones, providing a chance for Visa to focus on developing a robust app-based ecosystem.

Aplogan concurs with this, stating:

“We want to meet users where they are going, not where they were five years ago.”

Additionally, youth-driven payment apps are the way to go, with over 60%of West Africa’s population being under 25.

It’s an entirely new generation which expects seamless digital experiences, better alternatives and a chance to earn something more.

Co-Creation and Cross-Pollination

Visa understands one fundamental fact: not all its solutions are viable in Africa. Truthfully, the majority of its features would only serve a small portion of Africa’s community.

To mitigate this flaw, global payments understand that pioneering change using local startups is a much easier and better way.

This is seen from its recent partnership with JUMU in Côte d’Ivoire, which also focused on Francophone fintech growth.

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Aplogan clarified:

“We’re not just writing checks; We’re co-developing, iterating, and scaling what works.”

Aside from supporting financially, Visa also offers regulatory navigation support, access to its global network and decades of compliance and scaling expertise.

In return, Visa seeks partners with genuine solutions focused on local transformations. To create value and deepen the adoption of mobile payments in Africa.

True fintech innovation, Aplogan stresses, must solve real, local problems and not merely replicate models from elsewhere.

“Kenyan, Nigerian, and even U.S.-based fintechs like Wave are launching here. But we’re also seeing homegrown players tackling deeply local problems,” he notes.

“What motivates me is enabling movement, of money, of services, of opportunity,” he shares. “If people can’t get paid or transact, everything else stalls. Payments are the foundation.”